Separated and mortgage

M

Mrs.Piggy

Guest
Story is, I am separated almost four years, built a house with my ex husband, the mortgage was taken out in his name only as I had a car loan that was going against us at the time so it was decided to take the mortgage out in his sole name. During the building process we decided to take out a top up loan which I went guarantor for. I haven't contributed to the mortgage since the marriage ended, I left the house while he remained there. He is paying a portion of the mortgage. It is well in arrears at this stage.

Question is where do I stand? What are the chances of the bank releasing me from my obligations? I know I am liable for the top up as I was guarantor but am I liable for the original mortgage amount?
 
Are you on the title of the house ?

Do you intend to get a formal separation?

mf
 
There is little or no chance of the bank releasing you from your obligations.

The question is what are your obligations. You need a solicitor to advise what the implications of the guarantee are. Probably very onerous, banks usually get all they can in these guarantees, in your case you probably have guaranteed the whole thing.

Did you get your own legal advice at the time you signed the guarantee.
 
mf1 said:
Are you on the title of the house ?

Do you intend to get a formal separation?

mf
Click to expand...

We weren't married when we built the house, once we married I had the solicitor put my name on the deeds. The solicitor seems to have skipped over the formal separation, and we are going for divorce. But this needs to be sorted first
 
cremeegg said:
There is little or no chance of the bank releasing you from your obligations.

The question is what are your obligations. You need a solicitor to advise what the implications of the guarantee are. Probably very onerous, banks usually get all they can in these guarantees, in your case you probably have guaranteed the whole thing.

Did you get your own legal advice at the time you signed the guarantee.
Click to expand...

I have a solicitor but just wondered if anyone had any 'real life' advice so to speak.
I am guarantor for the top up loan only. I did and I didn't get legal advice, solicitor asked me was I aware what I was taking on (without actually going into detail), and I said yes. Sure I was about to get married I didn't think it was all going to go belly up and I would be in this position!
I would be happy to sign the house over to him, walk away completely from it, if the bank would let me do that. He can have the house, it means nothing to me
 
Hi Mrs Piggy

The solicitor should be giving you real life advice as well as technical legal advice. If he is not, then you might consider getting a new solicitor.

I can't see why a bank would release someone from a guarantee on a mortgage that was in arrears.

I presume that the house is worth less than the outstanding mortgage?
 
"I did and I didn't get legal advice"

You should very carefully consider your position.

From what you've said, it seems that you are on the title to the house, you are a guarantor on a top up, you are separated and going for divorce and from the scanty financial information you have given you and your husband may well have excess liabilities over assets. Your suggestion that you should walk away from the house and the debts means leaving all of that debt behind you. That is hardly fair, is it?

Perhaps this is not the situation and if you posted figures it would show a different picture?

mf
 
Mrs.Piggy said:
The solicitor seems to have skipped over the formal separation, and we are going for divorce.
Click to expand...

What does this mean? It's you that is instructing your solicitor. Did you ask for a divorce or a separation. Did you ask your solicitor the difference between the two.
 
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